Gillette India shares fall; SEBI imposes penalties - Economic Times

Prices | Financials | Company Info | Reports Shares in Gillette India Ltd fell 3 per cent after the market regulator imposed penalties on the company's promoters for failing to meet the rule that all listed private companies must have a minimum 25 per cent owned by public shareholders. As per the order issued on Friday, Gillette India promoters will be denied voting rights and dividends for those shares that surpass the 75 per cent ownership limit, in line with similar penalties the market regulator issued on other non-compliant companies last month. The Securities and Exchange Board of India's ( SEBI) order on Friday follows a ruling from Securities Appellate Tribunal denying Gillette India's plea to classify one of its promoters as a public shareholder in a bid to meet the minimum public shareholding law. Gillette India promoters own close to 89 per cent of the companies, including a 75.9 stake held by Procter & Gamble Co . SEBI's penalties will cease to apply if Gillette India brings down its promoter shareholding to below 75 per cent. Copyright © 2013 Times Internet Limited. All rights reserved. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFi0Ac-8j6JzMZaLsOxQMOulBFWIQ&url=http://economictimes.indiatimes.com/markets/stocks/stocks-in-news/gillette-india-shares-fall-sebi-imposes-penalties/articleshow/20967214.cms

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